The state government and the centre have made an investment of ₹2.75 lakh crore in Mumbai just for transport projects, all of which are slated to be undertaken in the next six years.
As stated in Free Press Journal, this is equivalent to about US $30 billion, said real estate and business tycoon Niranjan Hiranandani, at an event, ‘Imagine 2060: Delivering Tomorrow’s Cities Together’, organised by the AECOM and Asia Society, a global nonprofit institution.
Hiranandani remarked that a new paradigm shift is taking place in the city in terms of transport and said that in the last 70 years, the centre and the state investment on transport was not even three billion. So three billion in 60 years for the city and the periphery of Mumbai.
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However, he also expressed concern over Mumbai, being in the last position in terms of affordable housing, when the incumbent Prime Minister Narendra Modi is looking to achieve housing for all. The reason cited is that the city does not have sufficient land for affordable housing.
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Hiranandani also said that more than 50 per cent of the people live in slums in the city of Mumbai and the Real Estate Regulatory Bill and Good and Services Tax (GST) are some of the policy hurdles in the way of public-private partnerships in housing. Besides this, politics is often seen to interfere with policymaking, which has hampered the process of slum redevelopment and rehabilitation.
Ashwini Bhide, Managing Director, Mumbai Metro Rail Corporation, who was also present at the event said that proper land utilisation, connectivity and affordability are the key pillars on which the infrastructure of Mumbai is built. Relevant association and partnership with both public and private organisations alone can make the city more convenient and simple for the public.
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